What is the legal definition of a business partnership?

A business partnership is a type of legal entity defined by the Oklahoma Statutes. It is a special type of business structure created when two or more people come together to combine their resources and form a business. When doing so, they are considered to be “partners” and are jointly liable for the business’s debts and obligations. Under Oklahoma law, for a partnership to be properly formed, a written agreement must be created setting out the mutual responsibilities and obligations of the parties. This document should include the name of the business, the purpose of the business, how profits and losses will be divided, the authority each partner has, and other terms that are relevant to the business. The statute also requires that each partner have a certain level of skills and knowledge to ensure the partnership is properly managed. Also, all partners must agree to co-operate in the management of the business. Finally, Oklahoma law requires that all partnerships must be duly registered with the Office of the Secretary of State. This will make sure that the business is properly organized and is in accordance with existing laws. Once registered, the partnership is a legally recognized entity and can enter into contracts, buy and sell property, and sue and be sued in court.

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What is the legal definition of a business partnership?

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